8-1-2012 Fnbplanet: Anyone remember the currency (printing) machines that they bought for $15 million last October? What if they weren't for printing the NEW currency, but for printing the OLD currency?
They would already have had the approval and designs grandfathered in, so they wouldn't have the required Kurdish language on them. They could be used as a "bridge" currency until the NEW stuff is printed.
It may be that they're sitting on some of the OLD smaller denoms (I can't find proof it was ever printed, can you?).
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Fact is, they may not have ENOUGH of it, or they just have the plates (printing) just laying around, having never been used. Either way, there probably hasn't been any laws retracting the last approval of currency printing, so it would still be constitutional, and Shabibi wouldn't need anybody to be printing it right now.
They're legal with the current notes until someone amends the existing approvals. Part of their problem is that they have to agree to UNDO something, before they can DO anything new. The constitution demands the Kurdish language on any new notes, but the old notes are technically, well, old (still approved).
8-1-2012 Freebird There is also nothing any of us could ever say that could possibly delay, postpone, affect, adjourn, impede, hamper or influence the IQD exchange rate in anyway whatsoever and the ones who claim to play such vital role, clearly have delusions of grandeur (this is another common sense moment).
After about 10 minutes of research we can discover that economic reform requires political stability.
Iraq must have a seated GOI, Erbil power Sharing/HCL and an announcement of the necessary Strategic Council appointments. Iraqi leadership is staying busy during Ramadan, just like we knew they would, which is a great sign.
The GOI has from now until September to get their House in order and provide the necessary stability to the CBI for the September - January window for the introduction of the new currency and higher exchange rate.
Keep the faith, September is right around the corner. This will have a very happy ending for us all.